Islamic Development Bank A Multilateral Financing...

below the age of five died by the end of the year 2005. Most of these deaths were from the causes that are preventable. The fifth criterion is improving maternal health. More than half a million women in Asia and Sub-Sahara died during childbirth or pregnancy. The causes of these deaths vary, but there is the need for intervention to deal with this problem. Islamic Development Bank This is a multilateral financing organization. It has its headquarters in Jeddah, Saudi Arabia. Islamic Development Bank was formed in the year 1973 by the Finance Ministers of member states. It was formed during the Organization of Islamic Cooperation (formerly known as Organization of the Islamic Conference). The King of Saudi Arabia (Faisal) supported the creation of this organization. The Islamic Development Bank started operating on October 20th, 1975 (Schiavone, 2015). Currently, the bank has 56 member states who are the shareholders of the bank. By the year 2013, the bank decided to triple its authorized capital to $150 billion. This move was meant to better serve non-member countries and Muslim in members. The Islamic Development Bank has a good credit rating of AAA, which it got from Fitch and Standards Moody’s. A large portion of the paid-up capital of the bank is held by Saudi Arabia. It holds approximately one-quarter of the capital. This bank also plays the role of observer at the United Nations General Assembly. The Islamic Development Bank has 56 countries. For a country toShow MoreRelatedPrinciples of Islamic Banking Essay3056 Words   |  13 Pages INTRODUCTION The basic concept of Islamic banking which is also known as interest-free banking is based on basic ethical standards with just one main difference- Muslims are not allowed to pay or receive interest. This does not mean that business activities or making a profit are not encouraged, they are but as long as they don’t involve interest in any form. 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